Share-Based Payment Awards (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock Option Activity Under Plan

The following table provides a reconciliation of stock option activity under the Company’s equity incentive plan and for inducement awards for the three months ended March 31, 2024:

	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life		Aggregate Intrinsic Value
						(in years)		(in thousands)
Outstanding at January 1, 2024		6,304,767		$	9.98
Granted		1,706,582			21.27
Exercised		(444,184	)		9.66
Forfeited		(136,148	)		7.31
Outstanding at March 31, 2024		7,431,017		$	12.64		7.95	$	64,740
Exercisable at March 31, 2024		2,976,446		$	12.73		6.35	$	27,295

Schedule of Key Assumptions Used

In determining the grant date fair value of option awards granted during the three months ended March 31, 2024, the Company applied the Black-Scholes option pricing model based on the following key assumptions:

Option life (in years)	5.5 - 6.08
Stock volatility	97% - 99%
Risk-free interest rate	3.84% - 4.28%
Expected dividends	0.0%

Summary of Information about Stock Options

The following table summarizes information about employee, non-executive director and external consultant stock options for the three months ended March 31, 2024 (in thousands except per share amount):

	Three Months
	Ended
	March 31, 2024
Weighted average grant date fair value per share	$	16.91
Total cash received from exercise of stock options	$	4,294
Total intrinsic value of stock options exercised	$	6,802

Summary of Restricted Stock Unit Activity

The following table provides a reconciliation of RSU activity under the 2016 Plan and the 2023 Plan for the three months ended March 31, 2024:

	Number of Restricted Stock Units			Weighted Average Grant Date Fair Value
Nonvested at January 1, 2024		1,333,192		$	5.31
Granted		636,100			20.40
Vested		(533,688	)		6.23
Forfeited		(32,452	)		7.31
Nonvested at March 31, 2024		1,403,152		$	11.76

Compensation Expense from Stock-Based Payment Awards

The Company’s consolidated statements of comprehensive loss included total compensation expense from stock-based payment awards as follows (in thousands):

	Three Months Ended March 31,
	2024		2023
Compensation expense included in:
Research and development	$	7,827	$	1,240
Sales and marketing		—		430
General and administrative		4,872		1,380
	$	12,699	$	3,050